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US, Iran reject terms of ceasefire deal: Update 2
US, Iran reject terms of ceasefire deal: Update 2
Adds details throughout Singapore, 6 April (Argus) — The US and Iran are dismissing terms of a proposed ceasefire, as President Donald Trump sticks by his threat to destroy power plants in Iran absent a deal for Tehran to allow free passage through the strait of Hormuz. The proposal for a ceasefire is "significant" but "not good enough", Trump said Monday morning. Trump subsequently said he was not backing down from his threat — reiterated over the weekend — to destroy power plants and bridges in Iran if there is not a deal to reopen the strait of Hormuz by 8pm ET on Tuesday. "We have a plan, because of the power of our military, where every bridge in Iran will be decimated by 12 o'clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding and never to be used again," Trump said at a press conference later on Monday. The US has already escalated its assault on Iran by launching the "largest volumes of strikes" since the US-Israeli attacks began on 28 February, US defense secretary Pete Hegseth said. Even so, US-Iran negotiations are "going well", offering a potential off-ramp to an attack on Iran's power grid that would send the country back to the "stone ages", Trump said. "We have to have a deal that's acceptable to me, and part of that deal is going to be we want free traffic of oil and everything else," Trump said. Trump's deadline to reopen the strait of Hormuz will not change how Iran defends itself from attack, Iran's foreign ministry spokesman Esmail Baqaei said on Monday. Iran will not agree to a temporary ceasefire because that would only provide a "pause" for the US and Israel to refresh their military forces and equipment so they could attack again. "No intelligent person would accept such a thing," Baqaei said. "Our demand is for an end to the imposed war, along with assurances that this vicious cycle will not be repeated." Trump has repeatedly pushed back the timing of his threat to destroy power plants in Iran, most recently over the weekend when he said the attack would take place on Tuesday, rather than on Monday. Trump said he did not want to attack the day after Easter. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Assaults on Mideast Gulf energy infrastructure continued over the weekend. A vessel was attacked off the UAE, the UK Maritime Trade Operations (UKMTO) said. The Ice front-month June Brent contract traded as low as $107.03/bl on Monday, down by nearly 1.9pc from its settlement on 2 April. The price rebounded to $109.78/bl as of 2:47pm ET. By Chris Knight and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Israel hits Iran's Assaluyeh petchem complex
Israel hits Iran's Assaluyeh petchem complex
Dubai, 6 April (Argus) — Several facilities in Iran's key Pars petrochemical complex in Assaluyeh were damaged in US-Israeli strikes Monday, according to Iran's state petrochemicals company NPC. NPC did not name the facilities struck, just saying that the "criminal attacks" were on "a number of ancillary facilities linked to the petrochemical complex of the Pars Special Economic Energy Zone," and that damage assessments are still underway. But state media said two power and desalination plants, Jam and Damavand, which supply electricity and water to the complex, were targeted, causing widespread power disruptions across the complex. Israeli defence minister Israel Katz said today that Tel Aviv had carried out a "powerful strike on the largest petrochemical facility in Iran" in Assaluyeh, that he said was responsible for about half of the country's petrochemical production. He described the attack as a"severe economic blow to the Iranian regime." The complex hosts at least 21 operating petrochemical plants and takes feedstock from the giant offshore South Pars gas field that Iran shares with Qatar. South Pars accounts for 70-75pc of Iran's gas production and supplies a significant share of feedstock to the country's petrochemical and gasoline sectors. At least four gas treatment plants in Assaluyeh, which process sour gas from South Pars, were taken offline on 18 March following a similar Israeli drone attack . The incident prompted Iranian retaliatory strikes on downstream energy facilities in Saudi Arabia, the UAE, and Qatar, including the LNG facility in Ras Laffan Industrial City . US president Donald Trump later said Israel would not target South Pars again unless Iran attacked Qatar . The attack was just the latest in a string of US-Israeli strikes targeting Iran's petrochemicals industry. Another petrochemical complex in Marvdasht, Fars province, was also targeted on Monday, causing fire which was later contained, while a key petrochemical complex in Mahshahr, in Khuzestan province, was struck on Saturday, shutting down production across the hub. Iranian state media said the Fajr 1, Fajr 2, Karun, Razi and Bandar Imam petrochemical companies were damaged in the strikes. These attacks came as Trump reiterated over the weekend his threat to strike Iran's electric power infrastructure if Tehran does not allow unfettered passage through the strait of Hormuz . Both Trump and Iran rejected the latest proposal for a ceasefire floated by Pakistan. By Rithika Krishna and Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US, Iran reject terms of ceasefire deal: Update
US, Iran reject terms of ceasefire deal: Update
Adds details throughout Singapore, 6 April (Argus) — The US and Iran remain divided on a ceasefire proposal exchanged ahead of President Donald Trump's deadline for Iran to open the strait of Hormuz or face a major attack. The proposal for a ceasefire is "significant" but "not good enough", Trump told reporters on Monday. Over the weekend, Trump said that if Iran does not open the strait of Hormuz by 8pm ET on Tuesday, the US would launch a major attack on power plants and bridges in Iran. "They don't want to cry — as the expression goes — uncle, but they will," Trump said Monday ahead of a press conference scheduled for 1 pm ET. "If they don't, they'll have no bridges, they'll have no power plants, they'll have no anything." Trump's deadline to reopen the strait of Hormuz will not change how Iran defends itself from attack, Iran's foreign ministry spokesman Esmail Baqaei said on Monday. Iran will not agree to a ceasefire because that would only provide a "pause" for the US and Israel to refresh their military forces and equipment so they could attack again. "No intelligent person would accept such a thing," Baqaei said. "Our demand is for an end to the imposed war, along with assurances that this vicious cycle will not be repeated." Trump has repeatedly pushed back the timing of his threat to destroy power plants in Iran, most recently over the weekend when he said the attack would take place on Tuesday, rather than on Monday. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Attacks on Mideast Gulf energy infrastructure continued over the weekend. A vessel was attacked off the UAE, the UK Maritime Trade Operations (UKMTO) said. The Ice front-month June Brent contract traded as low as $107.03/bl on Monday, down by 1.5pc from its settlement on 2 April but had rebounded to $108.89/bl as of 12:36pm ET. By Chris Knight and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India's Jindal Steel lifts syngas use on propane crunch
India's Jindal Steel lifts syngas use on propane crunch
Mumbai, 6 April (Argus) — Indian producer Jindal Steel has started using synthesis gas (syngas) at its galvanizing and colour coating units to offset natural gas and propane shortages, the company said today. Jindal was previously using syngas to produce direct-reduced iron (DRI), but has now extended its use to downstream operations, a spokesperson told Argus . The shift comes in response to shortages of natural gas and propane stemming from the US-Iran war, which has hampered India's coated steel production. Galvanizing — a process in which steel is coated with molten zinc to prevent corrosion — requires propane as a fuel source for furnaces. The gas crisis thus prompted several downstream steel producers, particularly smaller re-rollers, to curtail output and ration gas supplies . Jindal Steel commissioned the world's first coal gasification-based DRI plant at its Angul facility in 2014. The 1.8mn t/yr plant uses Swadeshi domestic coal to produce syngas for DRI. "Thanks to the coal gasification process [Jindal] initiated a decade ago, we have been able to successfully operate our galvanizing lines, colour coating lines, and heat treatment lines using syngas as a fuel," said V. R. Sharma, member of the advisory board at Jindal Steel. Jindal has also started injecting syngas into blast furnaces, reducing dependence on imported coking coal and lowering carbon emissions, the company said. Industry experts say India's vast coal reserves make it well suited for expanded coal gasification, bolstering energy security and aiding decarbonization efforts. The Indian government aims to gasify 100mn t of coal by 2030 under the National Coal Gasification Mission. By Amruta Khandekar Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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